Taxpayer:Domestic Corporation

Taxable year: 2021

SALES 5,364,251.32 1. Determinine the Sales

Sales Discount 256,321.21
Inventory, Beginning 350,000.00 Sales
Purchases 1,356,213.21 Less: Sales Discount
Freight-In 563,221.32 Net Sales
Inventory, end 300,589.32
Salaries and wages 696,386.85
Transportation expense 65,350.13 2. Determine the Cost of Sales
Security Service 291,400.00
Depreciation 580,298.40 Beginning, Inventory
Taxes and licenses 24,576.50 Purchases
Light and water 210,406.44 Freight In
Repairs and maintenance 317,046.67 Net Purchases
Office Supplies 105,453.21 COGS
Communication 83,214.16 Less: ending Inventory
SSS, PHIC, and HDMF Contributions 256,800.00 Cost of sales
Representation Expense 352,820.00
Miscellaneous Expenses 8,000.00
3. Determine the Allowable Dedu

Assets 108,654,321.32
TI 174,332.54 All Expenses
Less: SSS, PHIC, and HDMF Contr
Allowable Deduction
minine the Sales 4. Determine the Income Tax Due

5,364,251.32 Sales
-256,321.21 COS
5,107,930.11 Gross Income
Allowable Deductions
Net income
mine the Cost of Sales Tax rate
Tax Due
g, Inventory 350,000.00
1,356,213 5. If there's a Net Operating Loss Carry-over of P175,000.00 from
563,221.32 How much is the income tax due?
1,919,434.32
2,269,434.53 2020
ng Inventory -300589.32 NOLCO -175,000
1,968,845.21 Total Inco 174,152.54
-847.46

mine the Allowable Deductions

6. If the taxpayer opted for optional standard reduction, how m

2,734,952.36 Sales 5,364,251.32

PHIC, and HDMF Contributions -256,800 Less: Discount -256,321.21
e Deduction 2,478,152.36 Net Sales 5,107,930.11
Less: COGS -2,269,434.53
Gross Income 2,838,495.58
Multiplied by: 40%
OSD 1,135,398.23
 5,107,930.11
-1,968,845.21
3,139,084.90
-2,478,152.36
660,932.54
20%
132,186.51

g Loss Carry-over of P175,000.00 from 2020.

2021
NOLCO 174,152.54
Total Income -174,152.54
0.00

r optional standard reduction, how much is the income tax due?

Gross Income 2,838,495.58

Less: OSD -1,135,398.23
Tax due 1,703,097.35